On June 30, 2019, after adjusting entries were posted, Asu Company sold a machine. The historical cost was $15,000 and the book value was $4,000. It was sold for $3,100 cash. Using this information, how much should be recorded on June 30 for the following accounts: 1. Accumulated Depreciation, Machine. 2. Gain or (Loss) on Sale.
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- On June 30, 2019, after adjusting entries were posted, Asu Company sold a machine. The historical cost was $15,000 and the book value was $4,000. It was sold for $3,100 cash. Using this information, how much should be recorded on June 30 for the following accounts: 1. Accumulated Depreciation, Machine. 2. Gain or (Loss) on Sale.Duck Pond Golf Club purchased equipment on January 1, 2018, for $48,282. Suppose Duck Pond Golf Club sold the equipment for $36,000 on December 31, 2020. Accumulated Depreciation as of December 31, 2020, was $22,284. Journalize the sale of the equipment, assuming straight-line depreciation was used. First, calculate any gain or loss on the disposal of the equipment. Market value of assets received Less: Book value of asset disposed of Cost Less: Accumulated Depreciation Gain or (Loss) Course Chat Time 1 GB V 19On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation.
- On December 29, 2021, Patel Products, Incorporated, sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheet 1 On December 29, 2021, Patel Products, Inc., sells a delivery van that cost $20,000. The equipment had accumulated depreciation of $16,000 at December 31, 2020. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation. Note: Enter debits before credits. Date Dec. 29 General Journal Debit CreditPlease help meBerman Company sold equipment on July 1, 2019 for $50,000. The equipment had cost $140,000 and had $80,000 of accumulated depreciation as of January 1, 2019. Depreciation for the first 6 months of 2019 was $8,000. how to record the jounral entry for the sold equiment?
- Karley Company sold equipment on July 1, 2021 for $75,000. The equipment had cost $210,000 and had $120,000 of accumulated depreciation as of January 1, 2021. Depreciation for the first 6 months of 2021 was $12,000. Prepare the journal entry to record the sale of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit CreditPlease see below. Need help with this asap please and thank you.Maxine Company sells a tractor on January 1, 2024 for $45,000 cash. At the time of the sale, the book value of the tractor is $41,000. The original purchase price of the machine was $50,000. Which of the following would be part of the correct journal entry to record the sale of the tractor? DEBIT to Gain on Sale of Equipment of $4,000 CREDIT to Equipment of $41,000 CREDIT to Gain on Sale of Equipment of $4,000 DEBIT to Loss on Sale of Equipment of $5,000 None of the above
- Gunkelson Company sells equipment on September 30, 2019, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2019, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2019 is $5,250.Prepare the journal entries to (a) update depreciation to September 30, 2019, and (b) record the sale of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Funseth Farms Inc. purchased a tractor in 2018 at a cost of $34,800. The tractor was sold for $3,400 in 2021. Depreciation recorded through the disposal date totaled $30,000. (1) Prepare the journal entry to record the sale. (2) Now assume the tractor was sold for $11,200; prepare the journal entry to record the sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the sale of the tractor for $3,400. Note: Enter debits before credits. Event 1 Record entry General Journal Clear entry Debit Credit View general journal >Prepare the journal entry; to record depreciation expense for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) Date
